How much is it to get an LLC?

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How much is it to get an LLC?

Kyle Evans
Flipper/Rehabber · Naperville, IL · Member since 2014 · 83 posts · 12 votes

Hey everyone! Hope you all are having a great day. 

Just a quick question.....Most investors I talk to all say the same thing. Get a LLC!

How much do they cost on average?

Thanks,

Kyle

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
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    @Kyle Evans

    To my memory you will spend around $325-$350 to get one set up. Also keep in mind you will also have to have yearly renewal fees in the estimated amount of $325. Then if you do any deals with your LLC you will have to file a tax return for it.

    If protection is what you are concerned about then get more insurance coverage.

    Good luck

    Curt Davis - KAIZEN Realty538 Reviews
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  • Glenn McCrorey
    Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
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    I had one created by an attorney and one with Legal Zoom. They look about the same and both cost about $300-350 (in Iowa). Some people might say if you have no personal assets what is the LLC protecting? I suppose it depends on your assets and investment goals. I have purchased all but my first property in an LLC.

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  • Ryan Dossey
    Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
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    They are super cheap in Missouri like $50.00. I looked up in your state. See the link below. 

    http://www.cyberdriveillinois.com/publications/business_services/llc.html

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  • Kyle Evans
    OP
    Flipper/Rehabber · Naperville, IL · Member since 2014 · 83 posts · 12 votes
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    Awesome thanks everyone! I really appreciate the feedback and advice! 

    Kyle

    @Curt Davis @Glenn McCrorey @Ryan Dossey 

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  • Account Closed
    Western, KY · Member since 2014 · 19 posts · 2 votes
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    Organizing an LLC should be fairly easy and cost effective. As an attorney, I have done this before, in several states. Go to your state's secretary of state's office and follow the guide. If you are partnering with another person, I recommend an LLC, and I also recommend an operating agreement. The OA governs how the relationship will work. Without one, state default rules apply, which you may not want. Even without a partner, you may find an LLC helpful in terms of tax benefits. However, before I tread in water to far away from my expertise, I defer you to your accountant. Shaun
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  • Glenn McCrorey
    Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
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    It's $50 to register with the state in Iowa but banks have asked me for the Articles of Organization and the Operating Agreement.  That is what cost $300, just to be clear.

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